1 app with 10 million users is more valuable than 10 apps with 100K users each — pretty easy to get to 100K users and then it dies off — but 10m users is much harder to do.

CTR for apps have not been very good.

earlier losers: anything too complex, so if you think it is a little complex it is probably 10x too complex.

building private social network: for boating enthusiasists.

for apps that have launched value the users $1 – $20/ active user.

convertible note: “caps” — $100K with $1m “cap” then bay partners get 10% when the next round is funded (no matter how much is valuation at that time.)

“cap” with no conversion — the next round investors will call and bay partners will say well we won’t want to participate at 10million but we will participate at $5million because other wise the initial 100K invested will be wiped out.
“equal participation (in next round)” is better than First rights.